Property New entry
A Park Palace Monaco apartment is for sale for €7.8m. Dad once owned a one bedroom in the same building — before going bankrupt. Awkward.
Well, this is awkward.
This week's Monaco Ridiculousness is uncomfortably close to home. A two-bedroom apartment in Park Palace, right in Monaco's Carré d'Or, is currently on the market for €7.8 million. Current listings show around 95–100m² of living space, plus terrace, with two bedrooms, two bathrooms and parking. Park Palace also has the suitably Monaco extras: 24-hour concierge, indoor swimming pool, sauna and fitness room. Monte-Carlo.mc But there's a slight problem with us making fun of it. Dad used to own a studio in this exact building when he was in his late twenties. Then Dad went bankrupt. Dad no longer owns a studio in Park Palace. Harriet: “So if you hadn't gone bankrupt, would you still own it?” Dad: “Can we concentrate on the €7.8 million flat please?” Park Palace sits in the heart of the Carré d'Or, just moments from Casino Square, Hôtel de Paris and some of Monaco's most expensive shops and restaurants. Valeri Agency And somewhere in all of this is probably an important lesson about property, money and making sensible financial decisions. Unfortunately, Dad is probably not the person to give it.
Why it's ridiculous
Because €7.8 million gets you a two-bedroom apartment of roughly 95–100m² of living space. But that's not even the ridiculous bit. Dad owned a studio in the same building in his late twenties… then went bankrupt and lost it. So today, instead of sitting on a terrace at Park Palace congratulating himself on his brilliant Monaco property investment, he's writing an article about how expensive somebody else's flat is. Financial planning at its finest.
Dad's verdict
70
I actually do not think its that crazy for being in a 98000 post code. Strange thing is, in my 20s I thought is was so cool and yet now when I walk past my old apartment in the building, I find it all a bit hectic.
Harriet's verdict
85
Love it. Centre. Park in front of building. Ice cream place at bottom of the building. Plus its near Casino Square and Hotel De Paris
The moral of the story? Buy Monaco property. Maybe don't go bankrupt afterwards.
Ridiculous or understandable?
The five questions we both have to answer.
Dad
UnderstandableBest thing about it
Location, location for everything.
Worst thing about it
Too busy for me these days. Just find it hectic around there.
What I'd actually pay
Full price
If someone handed me the cash, would I buy it at full price?
Yes — I'd buy it — Never going to go down in value.
Harriet
RidiculousBest thing about it
Love the living room. Where it is. How high it is
Worst thing about it
Wish could see more of the sea. Although Daddy lived at the back of the building so this is actually better
What I'd actually pay
Full price
If someone handed me the cash, would I buy it at full price?
Yes — I'd buy it — So I can move in there when I am 18
Your verdict